It’s now been 5 weeks since the launch, and the amount of activity we’ve already seen on Balanced is incredible. Here are some of the highlights:
The decentralized bank of ICON is now open for business.
If you want to use sICX, borrow Balanced Dollars, swap assets, or supply liquidity, you can now sign in to the Balanced app.
If you want to catch the first airdrip, keep your ICX staked in your wallet. We’ll send out an announcement on May 2 when the airdrip is live. Learn more about the airdrip.
To catch up on all the content we’ve released during the 14 day countdown, including our strategic partners announcement and blog post series, you can backtrack from today’s tweet:
Join the Balanced DAO, and help us shape the future of finance.
Balanced introduces a number of new assets to the ICON ecosystem. One of them, sICX, has raised many questions. So what is sICX, and how does it work? Let’s explore the details.
When you deposit ICX as collateral on Balanced, it’s first staked so you continue to earn staking rewards. This is crucial to the success of Balanced, as it would be much harder to encourage participation if investors had to sacrifice these rewards.
Balanced is a DAO (decentralized autonomous organization), governed by Balance Token holders. Balance Tokens (BALN) give you a share of the fees produced through the platform, as well as the ability to vote on changes that shape the future of Balanced.
At launch, there will be 3 ways to earn Balance Tokens: borrow Balanced Dollars, supply liquidity to the exchange, and participate in the ICON community airdrip.
Borrowers receive 25% of the daily Balance Token distribution. To earn some of them, deposit ICX as collateral, then take out a loan.
You’ll need to borrow at least 50 bnUSD, and keep…
You can use Balanced to borrow new assets, like Balanced Dollars, but unless they’re widely circulated and easy to swap between, their use — and value — is limited.
That’s why Balanced includes an exchange, and incentivizes liquidity providers to make sure its assets are always available to trade. They’ll receive 45% of the Balance Tokens each day.
Balanced will start with 3 liquidity pools: sICX/bnUSD, BALN/bnUSD, and most importantly, ICX/sICX.
In addition to Balance Tokens, the pools receive half of each 0.3% trading fee.
The sICX/bnUSD pool receives 17.5% of the BALN, and allows people to buy bnUSD without…
How does Balanced guarantee the price of its assets? No matter the price elsewhere, you can always sell them on Balanced for their true value. Let’s explore how this works.
At the time of writing, there’s a 5% “fee” or premium on the retirement price of sICX. That means if the sICX/bnUSD price is >5% higher than the actual value of ICX, you’d sell sICX for bnUSD, then retire the bnUSD for $0.95 of sICX collateral. You’ll end up with more sICX than you started with, and the bnUSD is burned, removing it from circulation.
When a retirement occurs, a…
We’re excited to announce a strong group of strategic partners to support the growth and success of the Balanced DAO.
We’ve also partnered with Paul Nattapatsiri & Kevin Lu of Band Protocol (our oracle provider), two lead engineers from a top DeFi platform, and three others with meaningful influence in the broader blockchain and venture capital communities.
These strategic partners bring a broad range of experience and value to the project. They’ll act as advisors…
Balanced has teamed up with Immunefi to lead a bug bounty program targeted at the Balanced smart contracts.
Immunefi is a top bug bounty operator in the blockchain industry, and leads bug bounty programs for DeFi projects like Synthetix, Compound, Aave, and more. We’re delighted to add Balanced to their list of projects.
The bug bounty for Balanced is targeted at Critical and High priority vulnerabilities. This includes, specifically, vulnerabilities that put participants’ funds at risk and/or halt the operation of the Balanced smart contracts.
Balanced’s security is and…
It’s been a long time coming, but the day has finally arrived! We’re pleased to announce that Balanced will launch on April 25, at 6pm PDT.
(That’s 9pm EDT / April 26 at 1am UTC, 10am KST, 11am AEST, and 1pm NZST.)
In preparation for the launch, we’ve redesigned the website to have a stronger focus on the product. Take a look to learn more about Balanced: the benefits, how it works, and why you should use it.
If the ICX you plan to use with Balanced is staked, get ready to unstake it. The current…
To celebrate the upcoming launch of Balanced, we’ve partnered with ICON to distribute Balance Tokens to ICX holders.
We wanted everyone with ICX to benefit from Balanced, even if they’re not ready to use it themselves. That’s now possible thanks to the ICON Community Airdrip program.
No, airdrip is not a typo. We call it an airdrip because delegated ICX holders will get to claim Balance Tokens every week after the Balanced launch.
Here’s how it will work:
Balanced is a DAO on the ICON Network that creates tokens pegged to real-world assets.